The Rockpoint Group has purchased a 493,000-square-foot office building, the Miracle Mile office tower at 5900 Wilshire Blvd. in Los Angeles, for $303.4 million, reported The Real Deal.
A partnership of PGIM Real Estate, Ratkovich Company and AXA Capital was the seller.
The building is 93 percent occupied.
Despite elevated economic concerns and political uncertainty on the horizon, the health of the market is expected to remain steady with increased investor interest into 2020, reported Avison Young. Office leasing activity in the fourth quarter was marked by smaller space requirements and an increase in new development to accommodate these trending requirements. As a result of an increased demand for co-working space, landlords have become more amendable to short-term leases. If this trend persists, an increase in lea
